HDFC Bank on Tuesday reported a 2.65 per cent rise in consolidated net profit of Rs 17,258 crore for the October-December period against Rs 16,811 crore in the preceding September quarter.
Shares of HDFC Bank fell 7 per cent in morning trade on Wednesday after its December quarter earnings failed to impress investors.
The stock tanked 6.48 per cent to Rs 1,570 on the BSE.
It fell by 7 per cent to Rs 1,560 on the NSE.
The company s market capitalisation (mcap) also eroded by Rs
Bajaj Auto s market capitalisation (market cap) hit Rs 2 trillion mark for the first time.
The stock of the two and three-wheeler major rallied 6 per cent to hit a new high of Rs 7,420 on the BSE in Tuesday s (January 9) intraday trade after its board approved Rs 4,000 crore share buyback at Rs 10,000 per share.
The stock ended the day at Rs 7,093.75, up 1.55 per cent and its market cap a shade above Rs 2 trillion.
The stock of Godrej Consumer Products Limited (GCPL) fell about 3.7 per cent in trade after its Q3FY24 earnings disappointed brokerages and led to downgrades.
Further, the stock, after a 15 per cent run-up over the past month prior to Monday s correction, had already factored in the upside from the business front.
Its peer in the consumer space, Marico, too, saw a 4 per cent drop in its stock price.
Despite multiple headwinds at the start of 2023, the Indian markets delivered a strong performance, posting 19-20 per cent growth for the year.
Even as new records were set, investor sentiment remains strong going into 2024, given the lower inflation, expectations of steady to lower interest rates, higher economic growth, and strong inflows.
However, the overriding concern for most brokerages is valuations.